What is the Supplementary Retirement Scheme (SRS)?

The SRS is a voluntary savings scheme that helps you boost your savings for your golden years, while giving you tax relief.

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At a Glance

Enjoy tax savings for every dollar saved into the account

Accumulate tax-free gains from investing SRS funds

Freedom to invest SRS to boost retirement savings

Flexibility to withdraw funds anytime*

50% tax concession on withdrawals*

*Withdrawals before applicable statutory retirement age is subject to 100% tax, plus 5% penalty. 50% tax concession only applies to withdrawals from the statutory retirement age.

Check out this video for a quick overview of the benefits of SRS

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How SRS gets you tax savings

Get a dollar-for-dollar tax discount on the amount saved to your SRS account. The more you contribute, the more you save on taxes, up to the maximum yearly contribution applicable to you:

Maximum Yearly Contribution

The total personal income tax relief claimable in a year, from the Year of Assessment 2018, is S$80,000. SRS contributions (made on or after 1 Jan 2017) help maximise the total amount of tax relief you can claim.

New to investing? Check out this page for useful articles on getting started.

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Start investing your SRS with DBS

Investing with SRS funds is easy. Do it at your convenience online with digibank or link your SRS Account to your DBS Vickers Account. Prefer speaking face to face? Have one of our Wealth Planning Managers get in touch.

Using your SRS in your golden years

Enjoy the full benefit of your SRS savings and investment when you make withdrawals upon reaching the statutory retirement age**. SRS gives you the flexibility to withdraw your SRS funds in cash or investments.

Depending on your needs and lifestyle, you may choose to make a lump sum withdrawal, or spread it out over 10 years^. All withdrawals are subject to 50% tax concession, including annuity streams.

Here’s an illustration of how it works.Let’s say you have S$400,000 in your SRS account and no other taxable income.

Get started with SRS

If you're new to DBS/POSB or would like to discuss more, please visit any of our branches. Find nearest >

For Singaporeans or PRs, please bring along your identity card or passport when you visit the branch. For foreigners, please bring along your passport and the relevant pass issued by the Immigration and Checkpoint Authority of Singapore.

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Need to know more?

You can do so via digibank or at the branch. For contribution via digibank, simply perform a funds transfer to your SRS Account. Please visit this page for more information on contribution channels and deadlines.

You do not need to make a claim in your tax return as it will be allowed automatically based on information provided by us to IRAS.

The yearly contribution for a Singaporean or Singapore Permanent Resident is capped at S$15,300. If you're a foreigner, you'll be allowed a higher yearly contribution of S$35,700 as you do not enjoy tax relief on your CPF contributions.

For Foreigners, please declare your Foreigner status at the branch to update your SRS contribution cap for the year. (Note: This declaration needs to be done yearly as the SRS contribution limit will reset on 1 January each year)

If you become a Singapore Citizen or Singapore Permanent Resident during the year, please update the SRS operator as your maximum contribution amount will have to be recalculated even if you have already made contributions for that year. The bank will re-compute your SRS contribution cap for the year on a pro-rata basis.

Penalties may be imposed for excess contributions if a wrongful declaration has been made to the SRS operator.

Effective 10 Dec 2018, the settlement cycle for securities is two days (Trade date plus two days) to align with the new SGX securities settlement cycle. Please ensure that you have sufficient cash and securities balance in your SRS account before requesting for any securities transaction with us. Your trade will be accepted up to your available funds or securities upon receipt by the bank.

The bank will charge a transaction fee of $2 for each Singapore Savings Bond application and redemption request. Otherwise, all other fees and charges for SRS Account are waived until further notice. Note: Other third-party related charges such as CDP administrative fees will apply.

For SRS contribution to be eligible for tax relief in the following year, the contribution via iBanking or mBanking must be completed by 1900hrs on the last working day of December.

*Income tax savings based on the assumption that a married male Singapore Citizen has a yearly income of S$102,000 in 2015 and enjoys personal tax relief of S$31,500 (Earned Income Relief of S$1,000, Qualifying Child Relief of S$4,000 and Parent Relief of S$4,500) and SRS relief of S$15,300 for the Year of Assessment 2016.

#Before retirement age of 62, withdrawals from your DBS SRS Account at any time are subjected to a 5% penalty and 100% of the amount withdrawn will be taxable for that year.

^Upon retirement at age 62, you are allowed to spread out your withdrawals over 10 years. Only 50% of your withdrawals are subject to tax. Having lower or nominal income at retirement, you may end up paying little or no income tax.

Market values of investments shown are as of the fourth last business day of the month and obtained from sources which are believed to be reliable and accurate as at date of retrieval. We do not represent, warrant or guarantee their accuracy or completeness.

Where applicable, the provision by us of market prices or values does not imply that an actual trading market exists for that investment or transaction or that it is appropriate to assume (for accounting or other purposes) that such a trading market exists. The market prices and values provided herein may differ significantly from actual trading prices (if any) for entering into, purchasing, redeeming or terminating an investment or transaction as a result of various factors, including prevailing credit spreads, market liquidity, position size, transaction and financing costs, hedging costs and risks and use of capital and profit. Such market prices or values may also differ from the valuations adopted by us for purposes of determining the collateral value of any asset provided by you by way of security. We have not advised you as to the appropriateness of any particular use of the market prices and values provided and we do not accept any liability whatsoever arising from your reliance or use thereof. You should consult your own advisors as to the appropriateness of any particular use of such market prices and values, whether in connection with the preparation of your financial statements, fulfilling reporting obligations or otherwise.

Deposit Insurance Scheme Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.